Carmel Partners Acquires Denver Apartment Complex for $110 Million
Carmel Partners has bought the 282-unit Fitzgerald apartment complex in downtown Denver from Greystar for $110 million, equating to about $390,000 per unit. The property is collateral for a $99 million construction loan from Otera Capital that matures in October.
The transaction transfers ownership of the 282-unit Fitzgerald property from Greystar to Carmel Partners. The purchase price of $110 million breaks down to roughly $390,000 per residential unit.
The acquired asset currently serves as security for an outstanding $99 million construction loan issued by Otera Capital. This debt obligation is scheduled to mature in October.
This acquisition could signal continued investor confidence in downtown Denver's multifamily market. The high per-unit price may reflect expectations of strong rental demand. Tenants could see potential shifts in management practices or future rent adjustments, while the looming October loan maturity might influence the new owner